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Last updated: 15 Aug, 2023  

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Bikky Khosla | 15 Aug, 2023

India’s exports fell again in July, registering a 16 percent decline to $32.25 billion. Only 11 out of 30 key products sectors, showed positive growth in the month. No doubt, global headwinds once again played spoilsport, with slowdown in our major trading partners, including the US, China and the European Union. Experts point out that global demand did not improve as much as expected previously and this hampered the Indian export sector.

Trade deficit for the month stood at $20.67 billion, with imports standing at $52.92 billion. In the previous month, it stood at $20.13 billion in June and at $25.43 billion in the corresponding period of last year. While declining imports is a good sign, it has resulted in de-growth in export sectors like gems & jewellery, chemicals and petroleum. This situation needs to be taken care of.

Services exports grew 12 percent in July to $27.17 billion while imports grew 5.6 percent to $14.85 billion. This sector has for quite some time now defied global slowdown, witnessing 22.8 percent growth in January-March, with the IT sector playing a key role in this growth, but experts point out that our services exports may moderate in coming months due to global slowdown in software and banking services.

Meanwhile, the Rupee on Monday slumped to a 10-month low against dollar at 83.07, although later intervention by the RBI pushed the currency to 82.95. Weak domestic markets and a strong US dollar seem to the key challenges while RBI’s intervention shows the central bank’s close monitoring of the situation, which is welcome. In another major development, India and the UAE made their first-ever crude oil payment in Indian Rupee and UAE Dirham.

I invite your opinions.

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